SytelineMaster

If you will be dealing with customers or vendors who use currencies other than your base (domestic) currency, use the following process to set up exchange rates and other multi-currency features.

1. Make sure the general ledger accounts specific to currency exchange are set up in the Chart of Accounts:

• Realized Gain
• Realized Loss
• Unrealized Gain
• Unrealized Loss
• A/R Unrealized Offset
• A/P Unrealized Offset
• V/P Unrealized Offset

If you are not using Unit Code 4 for anything else, you might want to set Unit Code 4 to Accessible for these accounts, and use it for reporting the foreign currency impact of the different currencies. If you do this, the currency codes must be entered for Unit Code 4. For information about setting up unit codes, see Account Unit Code (1-4).

1. Set up currency and exchange rate variance accounts for the domestic currency and the Euro on the Multi-Currency Parameters form, to help you track realized and unrealized gains and losses due to exchange rate changes. These accounts should match the ones you set up in step 1. During installation, you set up a Site Currency Code, which is the domestic currency code shown on this form.
2. Set up all other required currencies used by your vendors and customers in the Currency Codes form.For each currency code, the unrealized and realized G/L accounts specified on this form default to the accounts set up in the Multi-Currency Parameters form. You can also designate expenses by currency code if you use unit code 3 or 4.
3. Use the Currency Rates form to enter exchange rates between all currencies you set up in step 3 and the domestic currency.
4. Use the Bank Reconciliations form to set up bank codes and accounts to use with foreign currency customers and vendors. The bank reconciliation, attached to the bank code, maintains a record of all receipts and payments for each currency/bank code. If you will be recording A/R or A/P payments in foreign currencies, you should set up the foreign bank codes (with applicable currency codes) on the Bank Reconciliations form. Then you can include those foreign bank codes on customer and vendor records.
5. Use the Customers and Vendors forms to set up foreign currency customers and vendors.
6. If your system will share currency information between multiple sites, set up Replication Rules for the Shared Currency replication category.
7. Enter foreign currency customer orders and purchase orders. To see the amounts translated to your domestic currency, use the associated Domestic Currency forms.
8. Periodically, update the exchange rates and run the Currency Revaluation Utility. This utility uses the current exchange rate (from the Currency Rates form) to determine gains and losses due to currency fluctuations.

After Setup

1. Enter foreign currency customer orders and purchase orders. To see the amounts translated to your domestic currency, use the associated Domestic Currency forms.
2. Periodically, update the exchange rates and run the Currency Revaluation Utility. This utility uses the current exchange rate (from the Currency Rates form) to determine gains and losses due to currency fluctuations.